The number of homes newly listed for sale in April rose 5.7 percent, according to new data from Redfin
. However, the supply of homes last month was 9.2 percent lower from one year earlier, and the acute shortage contributed to an increased competition among buyers that left a meager 2.8-month supply on the market by the end of the month as homes went under contract in 36 days, the fasted time recorded since Redfin began tracking the market in 2010.
Not surprisingly, the shortage of homes further fueled price hikes. The national median home sale price increased 7.6 percent year-over-year in April to $302,200 across the 174 markets tracked by Redfin tracks. April marked the first time the national median home price has soared past the $300,000 mark. Among homes that sold last month, 26.2 percent sold above their list price, up from 24.9 percent one year earlier, while the average sale-to-list price ratio was 98.8 percent, the highest on record. For the sixth consecutive month, San Jose reigned among major metro areas with price growth over 25 percent, while the local home supply plummeted 30.1 percent from April 2017.
"Despite rising prices and low inventory, sales in 2018 so far are slightly higher than last year, which was the best year on record since the 2006 housing boom," said Redfin Chief Economist Nela Richardson. "As we enter peak homebuying season, new listings will be key in maintaining sales growth and moderating the rapid price increases we've seen this year."